Welcome to the Doctor Money Matters Podcast. It has certainly been an eventful spring between the Covid crisis and the national protests bringing more attention to the unequal treatment of African Americans by law enforcement, and also the financial market volatility.
Our guest was Joel Greenwald, MD a physician turned financial planner in Minnesota who has a long term financial planning business managing mostly physicians money called Greenwald wealth management.
We talk on this episode about the strategies of withdrawing assets once you retire. How do younger physicians get to the asset level we talk about? We also talk about the pros and cons of annuities. He doesn't recommend them for the asset accumulation phase but they can make sense in retirement and we talk about examples of annuities. He does not use them frequently and talks about the conflict of interests that some advisors have.
We also talk about the bucket strategy and withdrawal from different types of accounts (tax free, tax deferred, taxable)
Joel thinks that for most physicians working now, social security will still exist and you can get some income from that. However its going to be variable and should not be a significant part of your retirement strategy.
We also discuss alternate strategies of withdrawal for FIRE and each talk about our thoughts on the 4% rule.
Finally we talk about real estate investing and whether Dr. Greenwald’s clients are investing in it. I mentioned that social media is the new golf course/doctors lounge where some ideas that are pitched are not fully vetted and we should be somewhat skeptical about them.
Click here for more info on Greenwald Wealth Management
Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are nearing the end of residency/fellowship where you may still qualify for discounts that may not be available after training.
Please visit our website at www.doctormoneymatters.com
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Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation.
Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.
Ep 62. Doctors and Social Media -- Dana Corriel, MD
Ep 61. Gita Pensa, MD -- Malpractice litigation and its impact on the physician
Ep. 60 -- Student loan basics with Ben White, MD
Ep. 58 Real Estate Investing with Cory Fawcett, MD
Ep 57. Introducing What's Up Docs?
Ep 56. Karen Sibert, MD -- Good luck finding a doctor in 10 years.
Ep 55. Ian Ippolito -- How to approach crowdfunded real estate investing
Ep 54. Falgun Chokshi, MD --Artificial Intelligence in medicine
Ep 53. Opportunity Zones -- Dan Gauthier
Ep. 52 -- Surprise (Balance) Billing with Dr. Amy Cho
Ep 51 -- Starting a DPC practice
Ep 50. Dividend Investing with Nick McCullum
Ep 49. Dr. Disha MD -- The Frugal Physician
Ep. 48 -- Rick Ferri, CFA
Ep. 47 Ryan Inman, CFP
Ep 46. Sarah Fallaw PhD -- The Next Millionaire Next Door
Ep 45. Disability Insurance part 2(Q & A with a broker and lawyer)
Ep. 44 Disability Insurance (Q&A with a disability lawyer and broker)
Ep 43. Crushing student loan debt with Drs Renee and Nii Darko
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